Biotechnology industry in Boston

[15] In 2021, Massachusetts biopharmaceutical companies raised a record $13.7 billion in venture capital in a 70% increase from the previous year,[16] while there was approximately 10 million square feet of office and industrial space in Greater Boston being converted into lab space for the life sciences industry as the office vacancy rate in Downtown Boston reached its highest point in a decade with 3.5 million square feet available on the sublease market.

[19] While Greater Boston area biotechnology companies began announcing layoffs of 30 to 60% of company workforces (with some firms shutting down altogether) as the 2022 stock market decline began,[20][21] the Greater Boston biotechnology industry workforce continued to grow from approximately 84,000 in 2020 to 114,000 in 2022.

Senator Ed Markey, Governor Baker, U.S. Representative Richard Neal from Massachusetts's 1st congressional district, and University of Massachusetts System President Marty Meehan was held at the UMass Club to launch a bid to have the U.S. Department of Health and Human Services locate a regional headquarters of the recently created Advanced Research Projects Agency for Health (ARPA-H) in the Greater Boston area.

[24] Due to rising interest rates, it was estimated in November 2022 that 80% of the 40 million square feet in proposed lab space construction in Greater Boston would be scaled back or put on hold.

[28] In September 2023, JLL released a report that found that demand for biotechnology laboratory space nationally and in the Greater Boston area and the San Francisco Bay Area specifically were slowing during the 2021–2023 inflation surge due to a 35 to 40% decline in venture capital financing for life science startup companies and rising interest rates following the building boom that began prior to the COVID-19 pandemic.